- Crude oil stocks rose more than expected in the United States (US).
- West Texas Intermediate (WTI) erased a portion of daily gains after the data.
The weekly report published by the US Energy Information Administration (EIA) revealed that commercial crude oil inventories in the US increased by 9.3 million barrels in the week ending October 11, compared to analysts estimate for a build of 2.9 million barrels.
With the initial market reaction, the barrel of WTI eased from session highs and was last seen trading at $53, still up 0.2% on a daily basis.
Key takeaways from the press release
"Refineries operated at 83.1% of their operable capacity last week."
"Gasoline production decreased last week, averaging 10 million barrels per day."
"Distillate fuel production increased last week, averaging 4.7 million barrels per day."
"Total products supplied over the last four-week period averaged 21.1 million barrels per day."
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